Key Points:
Bitcoin price rose by 1.5%, breaking through $115,000, with on-chain indicators showing increased market momentum.
BTC needs to stay above $115,000 to solidify the rebound, with resistance in the $116,000-$121,000 range.
According to Glassnode data, Bitcoin (BTC) price increased by 1.5% on Friday, trading above $115,000 within 24 hours. Multiple technical and on-chain indicators suggest that the BTC market is "moving towards higher levels on a more solid foundation."
Weak spot demand and a slowdown in ETF inflows have affected Bitcoin's ability to sustain its rebound.
As noted in Glassnode's latest "Week Onchain" report: "The current market focus has shifted to the derivatives market, where derivatives typically set the market tone when spot liquidity weakens."
The chart below shows that the Bitcoin volume imbalance indicator, which measures buy and sell pressure, has rebounded during the recovery from $108,000, indicating that selling pressure from exchanges like Binance and Bybit has eased.
Market intelligence firms indicate that this suggests futures traders "have helped absorb recent selling pressure," and added:
Meanwhile, the total open interest (OI) in options has risen to $54.6 billion, setting a new historical high, up 26% from $43 billion on September 1. This reflects an increased interest from investors in the derivatives market, which is expected to have a positive impact on BTC prices.
Notably, when the options OI reached a previous high in mid-August, Bitcoin's price also broke through the historical high of $124,500.
More options OI data shows a clear preference for call options over put options in the market. Glassnode stated: "This highlights that while the market is bullish, it still focuses on managing downside risks." They added:
According to Cointelegraph, Bitcoin options worth $43 billion will expire on Friday, with the market leaning towards bullish bets, and as long as the price stays above $113,000, BTC is expected to challenge $120,000.
According to Cointelegraph Markets Pro and TradingView data, Bitcoin's price reported at $115,400 after encountering resistance at $116,000. BTC/USD needs to maintain above $115,000 for the rebound to be sustainable.
The $116,000 to $121,000 range is a major supply zone, and Bitcoin needs to break through this range to continue its upward trend and challenge historical highs.
On the other hand, bears will attempt to hold the $116,000 level and push the price down. The key focus area is between $114,500 (50-day simple moving average (SMA) position) and $112,200 (100-day SMA position).
Another important area is the local low of $107,200 to the psychological level of $110,000 reached on September 1.
Anonymous trader KillaXBT analyzed on the X platform that Bitcoin is "currently challenging last month's opening price," which is around $115,700 near the August opening.
According to CoinGlass data, the BTC/USDT liquidation heatmap shows a significant accumulation of liquidity between $116,400 and $117,000.
If this range is broken, it could trigger a strong liquidation squeeze, forcing bears to cover their positions and pushing the price towards $120,000.
On the downside, there is substantial buying support near $114,700, with the next major buying accumulation area located between $113,500 and $112,000.
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Original: “Bitcoin Reclaims $115K: Watch These BTC Price Levels Next”
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